U Mobile's Planned 2025 IPO Could Benefit Magnum
U Mobile's Planned 2025 IPO Could Benefit Magnum
As a condition of it securing the right to implement the second 5G network, U Mobile must reduce its foreign shareholding to 20%. Its high foreign shareholding of 48% currently suggests to us that it can launch an IPO by offering a portion of this tranche of shares for sale without MAG diluting its shareholding. Assuming U Mobile is valued at MYR10.0b, the value
MAG is currently the only listed company with exposure to U Mobile, which will implement the second 5G network and is planning to list on Bursa Malaysia Exchange. If U Mobile is valued at MYR10.0b, it will add a fine 21sen/shr to MAG DCF-TP. Maybank IB said it also believe that MAG will dividend its U Mobile shares in specie to shareholders post-listing.
MAG目前是唯一一家持有U Mobile股權的上市公司，後者將部署第二個5g概念網絡，並計劃在馬來西亞交易所上市。如果U Mobile估值MYR100億，將爲MAG DCF-TP增加21仙/股。馬來亞銀行投資銀行表示，他們也相信MAG將在上市後以股息形式向股東分配U Mobile股份。
The house estimates earnings and DCF-TP for MAG and trims 1% on minor housekeeping. Under a 'blue sky' scenario, total returns will amount to 36%.
該機構估計MAG的收入和DCF-TP，對較小的機構進行1%的調整。在「藍天」情景下，總回報率將達到36%。
Unbeknownst to many, MAG owns 8% of U Mobile
U Mobile (Not Listed) has been in the limelight of late thanks to it being selected to implement the second 5G network. It has also been reported that it is planning to launch an initial public offering (IPO) next year with a valuation of at least MYR10.0b. Recall that MAG owns 7.8% of U Mobile, Maybank said its perusal of its shareholders' list, it believes that MAG is the only listed company with exposure to U Mobile. MAG's investment in U Mobile is currently carried in its accounts at MYR385.4m or 20sen/shr. 21sen value accretion if U Mobile IPOs at MYR10b
許多人不知道，MAG擁有U Mobile 8%的股權
U Mobile（未上市）最近備受矚目，因爲其被選中部署第二個5g概念網絡。據報道，該公司計劃明年以至少MYR100億的估值進行首次公開募股（IPO）。馬來亞銀行稱，根據其對股東名單的審查，他們認爲MAG是唯一持有U Mobile股權的上市公司。MAG對U Mobile的投資目前記錄在其賬目中的金額爲MYR38540萬，或20仙/股，如果U Mobile以MYR10b上市，則將增值21仙。
As a condition of it securing the right to implement the second 5G network, U Mobile must reduce its foreign shareholding to 20%. Its high foreign shareholding of 48% currently suggests to us that it can launch an IPO by offering a portion of this tranche of shares for sale without MAG diluting its shareholding. Assuming U Mobile is valued at MYR10.0b, the value
accreted to MAG will be MYR398.6m or 21sen/shr. Coupled with MAG DCF-TP of MYR1.33, the above would imply returns of at least 30%.
作爲部署第二個5g概念網絡的條件，U Mobile必須將其外國股權降至20%。其目前高達48%的外國股權告訴我們，它可以通過出售這一部分股份的方式啓動IPO，而無需MAG稀釋其股權。假設U Mobile估值MYR100億，那麼增值到MAG的金額將爲MYR39860萬，或21仙/股。再加上MAG MYR1.33的DCF-TP，以上將意味着至少30%的回報。
MAG股東可能會收到U Mobile股份
MAG shareholders may receive U Mobile shares
Should U Mobile be listed, the house gathers that MAG will dividend its U Mobile shares in specie to shareholders as MAG has done this before. Recall that MAG was formerly known as Multi-Purpose Holdings and used to own various non-gaming assets (i.e. general insurance, property development, property investment, stockbroking, etc.). The non-gaming assets were demerged into MPHB Capital (MPHB MK, CP: MYR1.62, Not Rated) on 28 Jun 2013 and MAG distributed those MPHB shares in specie to shareholders.
MAG股東可能會收到U Mobile股份
如果U Mobile上市，該公司認爲MAG將以股票形式向股東分紅其U Mobile股份，因爲MAG以前就這樣做過。記得MAG以前被稱爲Multi-Purpose Holdings，並且擁有各種非遊戲資產（即一般保險，物業開發，房地產投資，股票經紀等）。非遊戲資產於2013年6月28日分拆成MPHb Capital（MPHb Mk，股票代碼：MYR1.62，評級未定），並且MAG向股東分發了那些MPHb股份。
譯文內容由第三人軟體翻譯。
